Farstad Shipping ASA: Acquisition of BOS Navegação S.A.
(Thomson Reuters ONE) -
In press release of 18 July 2011 we informed that Farstad Shipping ASA, on
certain conditions, had reached an agreement with Petroserv S.A. in Brazil to
buy Petroserv's 50% share in BOS Navegação S.A.
The formal aspects of the financial transaction are now set, and payment for the
shares has taken place. The acquisition will be consolidated in Farstad
Shipping's accounts as from 1 July 2011.
Prior to the acquisition we have treated our 50% share as a joint controlled
operation in the accounts. This implies that our existing shares will also be
adjusted in the accounts according to the values used in the acquisition of the
remaining shares. This revaluation will be incorporated in the profit and loss
accounts for the 3(rd) Quarter and implies an income of NOK 105.4 million. NOK
70.4 million of the amount will be booked as profit "by gradual acquisition",
while the remaining NOK 35.0 million will be booked as a reduction of deferred
tax.
Further, the acquisition will result in a revaluation of NOK 89.0 million in the
account of the 3 vessels owned by BOS, a goodwill of NOK 88.4 million and an
allocation to deferred tax of NOK 30.3 million. The equity capital will increase
by NOK 49.4 million.
The acquisition will improve Farstad Shipping's position for further growth in
the Brazilian market. BOS was established in June 1999 as a joint venture
between Farstad Shipping and Petroserv. Today the company owns 3 AHTS, all on
contracts to Petrobras. In addition BOS operates 11 Farstad vessels in Brazil.
BOS' offices in Rio de Janeiro and Macaé employ 39 people onshore and 336 people
offshore.
Contacts:
CEO Karl-Johan Bakken - tel. +47 901 05 697
CFO Torstein Stavseng - tel. +47 911 07 001
Farstad Shipping's fleet currently consists of 57 vessels (32 AHTS, 22 PSV and
3 SUBSEA) and 6 PSV and 2 AHTS under construction. The company's operations are
managed from Aalesund, Aberdeen, Melbourne, Perth, Singapore, Macaé and Rio de
Janeiro with a total of 1970 employees engaged onshore and offshore. The
company's strategy is to be a leading quality provider of large, modern offshore
service vessels to the oil industry. The company maintains a long-term charter
profile for the fleet.
www.farstad.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Farstad Shipping ASA via Thomson Reuters ONE
[HUG#1562015]
Unternehmensinformation / Kurzprofil:
Datum: 08.11.2011 - 16:45 Uhr
Sprache: Deutsch
News-ID 85413
Anzahl Zeichen: 3215
contact information:
Town:
Ã…lesund
Kategorie:
Business News
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